News Archive

MRPL posts Improved Physical Results in Q1'11, with positive Financials despite unusual heavy losses on account of Exchange Variation and Inventory valuation

27th July 2010

The Board of Directors of Mangalore Refinery and Petrochemicals Limited, a subsidiary company of ONGC and a category I Mini Ratna, approved its un-audited results for the First Quarter 2010-11.

Particulars Q1 Variation FY 2009-10
2010-11 2009-10
Throughput  (MMT) 2.91 2.85 2% 12.50
Exports  (MMT) 0.90 0.83 8% 4.32
Turnover  (In Crore) 8,990 7,182 25% 36,141
Exports  (In Crore) 2459 1822 35% 11,083
PBIDT  (In Crore) 137 756 82% 2,197
PBT  (In Crore) 13 630 98% 1,692
PAT  (In Crore) 28 420 93% 1,112
GRM          (US$ / BBL)
(In Crore)
GRM Variance Analysis
Operating Margin  (In Crore) 436 290
Net Exchange Gain/(Loss)   (In Crore) (153) 65
Inventory Gain/(Loss)   (In Crore) (89) 456

MRPL posts 93% lower net profit due to Loss on account of Foreign Exchange Variation and Inventory losses.
Owing to reduction of Corporate Income Tax surcharge for financial year 2010-11 from 10% to 7.50% the cumulative deferred tax liability has become deferred tax asset to that extent, consequently the PAT is higher than PBT.


  • MRPL secured the best export Award in overall Category “SILVER” in the State level Export Excellence Award for the Year 2007-08 and 2008-09 from Govt. of Karnataka.
  • ICRA has reaffirmed their Issuer rating of “Ir AAA” to MRPL for lowest credit risk. CRISIL issued rating of “Cr AAA” to MRPL indicating highest safety continues.


  • MRPL Board gives in principle approval for revival of its plan to set up Retail Outlets on Auto fuel in and around Karnataka.
  • MRPL has signed 2 billion USD petroleum product supply agreement with STC Mauritius. The agreement is for supply of Liquid Petroleum products comprising Jet A1 (ATF) MoGas i.e. MS (95 RON), Gas Oil i.e. HSD and Furnace Oil (three grades) amounting to 1.1 MMT per year (Valuing approx. $ 660 million per year) for a period of 3 years.

MRPL Phase III Expansion project is progressing ahead of scheduled.

  1. The project has achieved the physical progress of 47.3 % as on 15th June 2010 against the scheduled plan progress of 39.6 % (Mechanical Completion Target Oct’ 2011).
  2. The orders for all major process plants and auxiliary equipments including off site facility have been placed .The commitment made against the project so far is ` 11,015 crore.
  3. In respect of Poly Propylene unit, the progress has been 18% as against stretched schedule progress of 26.5%. The project progress setback was mainly for non availability of encumbrance free land.


The GOHDS revamp project has since been completed as per schedule successfully.
The company with the completion of the revamp has increased the facility for production of Euro IV grade HSD from 4000 MT to 5200 MT per day.

MRPL Board has cleared the project of installation of SPM at New Mangalore Port at an estimated cost of ` 1,044 crore with completion target of April 2012.

The company as a socially conscious corporate continues its ‘Samrakshan’, programme. The company during the quarter has conducted Eye camps in nearby villages and provided the necessary medical assistance including free computerized eye checkup and distributed spectacles. In addition, the activity of providing electricity for drawing water at rehabilitation colony for drinking water, donating scientific teaching aids, scholarships to deserving students and Midday meal scheme etc has been undertaken.

Speaking on the occasion Shri R.S.Sharma, Chairman appreciated efforts of the Team MRPL for a positive physical and financial performance during the quarter, despite adversities on account of foreign exchange variation and inventory values.

MRPL signs 2 billion USD Product Supply Agreement with STC Mauritius

1st July 2010

Mangalore Refinery & Petrochemicals Ltd, (MRPL) a mini-ratna subisidary company of ONGC, today inked an agreement with State Trading Corporation, Mauritius for supply of liquid petroleum products amounting to 1.1 MMT per annum valued at 660 million USD at current fuel prices. The products comprising Jet A1 (ATF) MoGas i.e MS (95 RON) , GasOil i.e HSD and Furnace Oil ( three grades) will be supplied for a period of 3 years and the total value of this deal at current prices is 2 billion USD.

The agreement was signed by Shri U K Basu, Managing Director, MRPL and Mr Soomarooah, General Manager, STC in presence of H.E Mr Showkuttaly Soodhun Hon'ble Minister of Commerce & Industries, Republic of Mauritius and Shri Murali Deora, Hon'ble Minister for P&NG, GoI, Shri Jitin Prasada, Hon'ble Minister of State for P&NG, GoI, H.E. Mr Khemraj Jingree, Deputy Head Mauritius Mission in India, Shri S Sundareshan, Secretary P & NG, GoI and Shri R S Sharma, Chairman, ONGC Group of Companies.

Speaking on the occasion H.E Mr Showkuttaly Soodhun, Hon'ble Minister of Commerce & Industries, Republic of Mauritius sought the help of India to build their self reliance in Petroleum in the form of a JV that will set up and run a refinery at Mauritius.

Shri Jitin Prasada, Hon'ble MoS, MoP&NG remarked that the 3 year product supply agreement has further cemented the bond between the two Nations and while inviting H.E Mr Showkuttaly Soodhun, Hon'ble Minister of Commerce & Industries, Republic of Mauritius for Petrotech 2010, Shri Prasada commented that this would provide an opportunity to better understand the expectations of Mauritius and further strengthen the relations between the two Nations. Complimenting STC and MRPL, Shri Prasada urged MRPL to ensure that there is uninterrupted supply of fuels as per contract and all products are delivered on spec and on time.

It maybe recalled that in 2006 that the State Trading Corporation Mauritius, after scouting the market, entered into the Product Supply agreement with MRPL for a period of one year for Gasoil, Jet A1, MOGas and FO and renewed it again for 3 years in July 2007, due to the consistent and reliable service provided by MRPL . For the third consecutive time STC has now come back to India and MRPL for all of its fuel requirements. This agreement will be effective from August 2010.

Shri R S Sharma , Chairman ONGC Group of companies welcomed the august gathering. Present on the occasion were senior officials from Ministry of Petroleum and Natural Gas, GoI, the Board members of ONGC and several top officials from MRPL.